PSF struggle amid regulation winds

According to a recent survey by Deloitte Luxembourg, the number of professionals of the financial sector industry (PSF) in the country dropped from 304 entities in 2016 to 289 entities in December 2017.

"This 5% reduction stems primarily from the growing costs that PSF must incur to comply with new regulations (MIFID II and GDPR) and to keep up with digitisation," Raphaël Charlier, partner, PSF leader at Deloitte Luxembourg explained.